The initiative to urge the Swiss National Bank to hold bitcoin has been terminated due to insufficient signatures.

Foresight News reported, citing Reuters, that the "Bitcoin Initiative," which aims to push the Swiss National Bank (SNB) to include Bitcoin in its reserves, has announced it will abandon its current referendum campaign. With only a few weeks left until the deadline, the initiative collected only about 50 thousand signatures, less than half of the 100 thousand signatures required by Swiss law to trigger a referendum. The initiative's founder, Yves Bennaim, stated that this initiative will be allowed to lapse naturally, but emphasized that discussion on the topic has made progress. The Swiss National Bank had previously made it clear that it opposes holding cryptocurrencies, citing excessive price volatility and insufficient market liquidity, which do not meet central bank reserve requirements.